MI HB5283

Defines "locator" as a registered person who helps owners locate and recover unclaimed property for compensation, with restrictions on agreements made within 24 months of property delivery.

Allows the state treasurer to sell unclaimed property account information to registered locators for accounts unclaimed for at least 24 months with a value of $10,000 or more, provided in electronic searchable format.

Requires locators to register with the department, pay an initial fee of $1,200, and renew registration every 4 years for $1,200, with collected fees used for registration and monitoring.

Prohibits locators from distributing received unclaimed property account information to other locators or persons except the apparent owner, except for compensation.

Bars individuals convicted of felonies involving dishonesty, deceit, fraud, or breach of fiduciary duty within the preceding 10 years from registering as locators.